Russian President Vladimir Putin has revealed plans to boost economic ties with Saudi Arabia by setting up a $1 billion oil plant there. He also reaffirmed Moscow’s commitment to the OPEC agenda of keeping the oil market steady.

“There is still a lot to be done, but we have set a good pace. Last year [trade turnover] was up 15 percent. In the first six months of 2019, growth was as high as 38 percent,” said Putin. (RT)